The Path Toward Combining Finances Will Look Different for Every Couple
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 26 January 2022
Your money can feel like a very personal matter. Our behaviors and motivations around money are unique to us, encompassing our upbringing, experiences, and current situation in life. This can make merging finances as a couple a complicated process if it’s not approached in a thoughtful and intentional manner. If you and your significant other are considering merging finances as a couple, it’s important to understand that there is no one-size-fits-all approach. How you go about merging finances will depend on the comfort and trust present in the relationship, your relative income levels, the dynamics of your relationship, and more.
Ultimately, you have three options:
- Keeping your finances completely separate
- Keeping your finances partially separate
- Fully combining your finances
Below we’ll discuss the pros and cons of each option, as well as ways to determine which option might be best for you and your spouse or partner.
How to Navigate Financial Dynamics When Merging Two Families into One
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 12 January 2022
Preparing financially for marriage can always feel a bit challenging, and that can be an even bigger challenge for blended families, meaning families in which one or both spouses have been married before.
Today, about 40% of new marriages represent a second marriage for at least one spouse, meaning more people than ever before are facing the unique financial dynamics involved with blending two families into one. The money management tips for blended families below can help you navigate the hurdles you may face in your own blended family.
Planning a wedding can be a lot of fun! There is the excitement of picking a venue, inviting all of your friends/family, and planning the honeymoon. But there is also a ton of work involved and the work doesn’t end once you are married.
Friday, 12 April 2019
After the big day, there are many things to consider updating, such as beneficiaries on accounts, your legal name, identification, and estate planning documents. I am currently in the process of planning my wedding, which will take place later in 2019, and I wanted to share some of the items on my checklist that are relevant to our long-term financial plan. Below are some things to consider.
By Kathy Longo, CFP®, CAP®, CDFA
Thursday, 28 March 2019
We all want to devote more time to our money. In the same way, we want to Marie Kondo our homes, get on the Keto train and practice more mindfulness and meditation. But reality and daily obligations have a way of getting in the way of all those aspirations! Instead, we are often bouncing from one urgent situation to the next, be it work, picking up kids, appointments, etc. By the time our feet are up and the TVs are blaring, the idea of managing your investments is pretty far down the list. The good news is that there are some easy, low-effort ways to get on top of your finances and be able to check something off that long to-do list.
Ah, the balanced life. We’ve all heard of it and may even know someone we think has achieved it. It’s an enviable place where work, family, and self are all perfectly balanced.
By Kathy Longo, CFP®, CAP®, CDFA
Friday, 15 March 2019
“Imagine life as a game in which you are juggling some five balls in the air. You name them — work, family, health, friends and spirit and you’re keeping all of these in the air. You will soon understand that work is a rubber ball. If you drop it, it will bounce back. But the other four balls — family, health, friends, and spirit — are made of glass. If you drop one of these, they will be irrevocably scuffed, marked, nicked, damaged, or even shattered. They will never be the same. You must understand that and strive for balance in your life.” ―Brian Dyson, former vice chairman and COO of Coca-Cola
In this idealized life, jobs are satisfying without invading on personal time, plus there is time for exercise and hobbies…and family…and sleep. Does that balance seem attainable or laughably out of reach? For most of us, the lack of balance in our life comes from the inability to equally distribute our energy to everything that needs us. Family needs your attention, so work suffers. Work is demanding, so family suffers. Work and family demand all your attention, so your self-care suffers. In this article, we will go over some basic tips that can help you work toward that mythic balance. You may be surprised at how simple and yet effective they can be.
